Vietnam Economy 2024: Target of GDP Breakthrough 8% by 2025

Kinh tế Việt Nam 2024: Nền tảng vững chắc để bứt phá năm 2025

Vietnam Economy 2024: Target of GDP Breakthrough 8% by 2025

(Chinhphu.vn) – At the National Conference on December 1, Prime Minister Pham Minh Chinh reported on the socio-economic (SOE) situation in 2024 and presented solutions to boost GDP growth to approximately 8% in 2025.

Vietnam Economy 2024: Highlights

Despite facing numerous challenges from global uncertainties and internal difficulties, Vietnam achieved positive economic outcomes in 2024. According to Prime Minister Pham Minh Chinh, GDP growth in 2024 is estimated at over 7%, ranking among the highest in the region and the world.

– Macroeconomic Stability: Inflation was controlled below 4%, major balances were maintained, and rice exports reached over 8.5 million tons with a turnover exceeding $5.3 billion, a significant increase compared to the previous year.

– Trade Performance Exceeding Expectations: Total import-export turnover is estimated at $807.7 billion, with a trade surplus exceeding $23 billion, the highest ever recorded.

– Investment and Infrastructure Development: Realized FDI reached $20.4 billion, the highest in many years. Several highway segments were completed, bringing the total length to 2,021 km.

– Legislation and Human Resource Development: Institutional building was strengthened, and critical infrastructure projects, such as Long Thanh International Airport and major thermal power centers, were implemented. The human resource development project for semiconductors is also being actively pursued.

Additionally, the poverty rate fell to 1.93%, citizens’ living standards improved significantly, and Vietnam’s happiness index rose by 11 places, ranking 54th out of 143 countries according to the United Nations.

Growth Targets for 2025

The year 2025 is identified as a “breakthrough and acceleration” phase, laying the groundwork for the 2026-2030 development period. The government aims for GDP growth of around 8%, creating momentum for double-digit growth in subsequent years.

To achieve this goal, Prime Minister Pham Minh Chinh emphasized focusing on eight key groups of solutions:

Institutional Improvement: Establishing open mechanisms and addressing legal bottlenecks and administrative inefficiencies.
Prioritizing Growth Alongside Macroeconomic Stability: Controlling inflation and ensuring major economic balances.
Mobilizing Social Resources: Effectively leveraging state enterprises and fostering private enterprise growth.
Strategic Infrastructure Investment: Completing at least 3,000 km of highways and critical projects like Long Thanh International Airport.
Ensuring Energy Supply: Meeting immediate and long-term production and consumption demands.
Combating Waste and Corruption: Resolving delayed projects to avoid resource wastage.
Cultural, Social, and Environmental Development: Strengthening climate change responses and ensuring social welfare.
Maintaining Political Stability and International Integration: Enhancing foreign relations and international cooperation.

The year 2025 will not only commemorate significant milestones, such as the 95th anniversary of the Party’s establishment and the 50th anniversary of national reunification, but also mark a crucial step for Vietnam’s journey toward becoming a wealthy and prosperous nation. Prime Minister Pham Minh Chinh asserted: “We must sustain our pace, accelerate, and breakthrough to achieve the strategic goals set forth.”

Source: Chinhphu.vn